Shut off U.S. investor funding of fraudulent Chinese companies WashTimesOpEd
But even before this glaring intrusion of U.S. airspace, the new 118th Congress was already gearing up to confront China’s growing belligerence. The House Financial Services Committee just held its first hearing on “the economic threat from China.” Since lawmakers are now tackling China’s widening ambitions, they must delve into the murky financial dealings that underpin much of Beijing’s agenda.
Under the HFCAA, the PCAOB was specifically tasked by Congress with inspecting the books of overseas firms, particularly in China. The law mandates that if a company fails to provide proper financials for three years, it must be removed from U.S. securities exchanges. The answer is for PCAOB to finally establish an accurate assessment of the risks posed by the Chinese audit process — and not give its seal of approval to companies with questionable audit integrity. This may mean certifying noncompliance and eventual delisting, but that is the actual purpose of the law.
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